# Palm oil extends gains as ringgit weakens

> Malaysian palm oil futures extended gains to a fourth session as the ringgit weakened against the dollar. The November contract rose 28 ringgit to 3,961 ringgit per metric ton, with Malaysia's August exports estimated at about 1.38 MMT.

- Date: 2024-09-03 · published 2024-09-03T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/6158-palm-oil-extends-gains-as-ringgit-weakens
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A weaker ringgit makes Malaysian palm oil cheaper for foreign buyers, supporting export demand and prices. Firmer crude oil also supports palm as a biodiesel feedstock.

## Read by commodity

- SBO: neutral
- USDMYR: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-09-03 | 1 | +4.1% | 5.4 | On 3 Sept palm futures extended gains for a fourth session as a weaker ringgit made palm cheaper for foreign buyers, supporting the rally. |

## Sources

- tradingview.com: https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3KL01R:0-palm-oil-extends-gains-as-ringgit-weakens/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.